by The global Viscosupplementation Market is estimated to be valued at US$ 3404.73 Mn or in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Viscosupplementation products are injected directly into the knee joint to supplement the natural synovial fluid and restore the protective cushioning and lubrication provided by HA. HA is a naturally occurring sugar found within all joint tissues. The advantages of viscosupplementation therapy is that it provides relief from osteoarthritis pain without surgery and can delay the need for knee replacement surgery.
Market key trends:
Single-injection HA has emerged as one of the key trends in the viscosupplementation market. These injections claims to provide pain relief for 6 months with just one injection as compared to multiple injections required for three-injection regimen. This reduces the number of hospital visits for patients as well as lowers the overall treatment cost. Manufacturers are focusing on developing long-acting single-injection formulations using advanced technologies like cross-linking hyaluronic acid to increase its residence time in the body. This trend is expected to drive the growth of single injection viscosupplementation market during the forecast period.
SWOT Analysis:
- Strength: Single injection therapies have improved patient convenience and compliance.
- Weakness: High price of therapies limits their adoption in developing regions.
- Opportunity: Rising geriatric population prone to osteoarthritis worldwide presents an opportune patient pool.
- Threats: Stiff competition from alternative treatment options like analgesics and joint replacements can hinder market growth.
Key Takeaways:
The Global Viscosupplementation Market Size was valued at US$ 3404.73 Mn in 2023 and is expected to reach over US$ 6000 Mn by 2030, expanding at a CAGR of 8.2% during the forecast period.
The North American region dominated the global market in 2023, owing to rising prevalence of osteoarthritis in the US and Canada. Sizable health expenditure and high adoption of novel therapies drive the regional market.
Asia Pacific viscosupplementation market is poised to witness fastest growth during the forecast period supported by expanding medical tourism industries in India, Thailand and Indonesia.
Key players operating in the viscosupplementation market are Anika Therapeutics Inc., Seikagaku Corporation, Ferring Pharmaceuticals, Bioventus, Fidia Farmaceutici S.P.A., Mylan N.V., Sanofi S.A., OrthogenRx, Teva Pharmaceutical Industries Ltd, and Johnson & Johnson.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
